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US$120 billion in oil revenue is not the same as ‘nothing’ – Trotman

OilNOW -
Guyana’s Minister of Natural Resources Raphael Trotman says the South American country is set to receive billions of dollars in oil revenue and one of the most important discussions that should be taking place is how that windfall will...
News

Suriname nearshore drilling project ends with six dry holes

OilNOW -
Suriname state oil company Staatsolie has ended its Nearshore Drilling project which got underway in April, after encountering 6 dry holes off the country’s coast. While no commercial oil discovery was made, valuable data has been collected, Staatsolie said,...
News

Saipem awarded three-quarter billion euros in contracts for offshore wind farms

OilNOW -
Saipem has been awarded a contract by the French company EDF Renewables for the construction of the Neart na Gaoithe (NnG) wind farm offshore Scotland. This is the first turn-key project awarded to Saipem in the offshore wind farm sector....
News

OilNOW awarded by business chamber in Guyana

OilNOW -
Guyanese-owned and operated online platform OilNOW has received its second award in three months in recognition of coverage being provided on the country’s emerging oil and gas industry and related business activities. The most recent award was handed over by...
News

Oil recovers as China data offers hope for global demand

OilNOW -
(Bloomberg) Oil recovered some lost ground in Asian trade on Monday after an upbeat Chinese economic report at the weekend offered grounds for optimism on the global demand outlook. Futures were up 1% in New York, after losing 5.1% on...
Opinions

Audit and reporting for Guyana’s oil revenue administration

Bobby Gossai, Jr. -
An important mechanism of accountability is the periodic auditing of the oil fund. An oil revenue management law should specify the accounting method or methods the oil fund should follow and require all activity of the oil account to...
News

‘Job-creation, world-class education and health care’ among campaign promises of Guyana’s main opposition party as oil production set to get underway

OilNOW -
With what is being described as the ‘mother of all elections’ on the horizon, the main opposition party in the soon-to-be newest oil producing country in South America – Guyana - has released an excerpt of its manifesto which...
News

Brazil, China, UAE firms in second round of bids for Petrobras refineries

OilNOW -
(Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA (PETR4.SA) has selected four groups for the second round of bidding for four refineries up for sale, including China’s Sinopec, Abu Dhabi’s state investor and two Brazilian firms, according to...
News

Adjustment in policies, enabling business environment for Guyanese necessary – fmr. Jamaican PM

OilNOW -
As Guyana swiftly approaches first oil, which is expected next month, former Prime Minister of Jamaica, Portia Simpson-Miller, is warning that certain adjustments need to be made as the South American country prepares for the anticipated windfall. She expressed these...
News

Guyana Shore Base is now a 24hr facility employing 94% locals

OilNOW -
Majority Guyanese-owned port company – Guyana Shore Base Inc. (GYSBI) has moved from operating on a 12-hour basis employing just a handful of Guyanese to what is now a 24-hr facility with a 94% local workforce. Muneshwers Limited, Pacific Rim...
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High-tech seismic campaign offshore Guyana to wrap up in December

ExxonMobil Guyana will complete its latest seismic data acquisition campaign in December, marking the end of a months-long effort...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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